Why Amazon Stock Rallied on Wednesday
Shares of Amazon (NASDAQ: AMZN) climbed higher on Wednesday, adding as much as 2.3%. As of 12:30 p.m. ET, the stock was still up 1.8% despite a generally down day for the market.
The catalyst that sent the e-commerce platform higher was an initial read that suggested that consumers were flocking to the company's annual Prime Day sale.
Amazon's yearly "Christmas in July" sale kicked off yesterday, and early sales data suggests a blowout. The company generated roughly $6 billion in sales thus far, up nearly 8% year over year, according to data compiled by Adobe's Digital Economy Index. If those numbers hold -- and there's no reason to believe they won't -- that would mark the biggest shopping day of 2022 thus far.
Source Fool.com
